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169Units
6Stories
1955Year Built
$234K - $270KValue Range
Available Units
For Sale
For Rent
No Units Available
Highlights
Bike Room
Resident Manager or Management On Site
24 Hour Access
Laundry Facilities
Cats Allowed
Postwar co-op in Sheepshead Bay with a ground lease
The block-long co-op complex, which also goes by Sheepshead Terrace, looks like any other red-brick facade from the postwar era. Its six stories, built in 1955, are broken up into two sides connected by a gated courtyard. But what makes this co-op stand out is that it’s a ground-lease building, part of a minority of NYC co-ops where somebody else owns the land underneath your home. News coverage in 2024 spotlighted Sheepshead Terrace as potentially benefiting from proposed legislation that would protect ground-lease tenants from future price hikes once these leases expire.
State Senator Liz Krueger and Assemblywoman Linda Rosenthal sponsored the bill, writing, “Apartments in ground-lease buildings are generally priced 20-30 percent below market value, leading some to believe that they are buying an affordable home. However, residents in buildings with ground leases pay higher than average monthly maintenance fees, and often face steep rent hikes once the ground lease expires.” The legislation also states how some owners have trouble selling these units. Like most ground-lease buildings, Sheepshead Terrace has a 100-year lease, which is set to expire in 2053, making some banks leary of lending to potential buyers. Owners have problems as well. Nicole Calabrese is an agent with Bright Horizons who has lived in the complex for 15 years. In 2024 she told NY1, “People need to have renovations done and they can’t borrow. So we just want the right to have the ability to either purchase or extend our leases, but not at exorbitant prices,” she said. “There’s a lot of local laws that have to be followed that are directions that we need to upgrade certain things within the buildings, and a lot of the buildings, they can’t get mortgages,” she said. “The banks are afraid to lend because they don’t know what’s going to happen.”
While the original piece of legislation capping prices failed to pass and is unlikely to be revived, a separate bill passed in 2024, allowing co-ops with ground leases to either extend or renew their 100-year leases as long as the original contract allowed for that option. Although this doesn’t provide the full protection of the other proposed bill, it does offer some additional security for residents for the time being.
Postwar layouts for below-average prices
Apartments are typical of the era, with large windows, natural light in the shower area, galley kitchens, sizeable rooms and good closet space. Due to the co-op’s age, the condition of the 169 units vary. Some haven’t been updated in decades, with features like pink-tiled bathrooms and wallpapered kitchens, while others have fully renovated kitchens with stainless-steel appliances and dishwashers, bathrooms with newer tiles or refreshed hardwood floors and light fixtures. Air conditioners are either window units or through-the-wall. Air conditioners are an additional $125 a year per unit, and dishwashers are an additional $15 a month; these costs are bundled into common charges. Some ground-floor units have small fenced-in terraces, otherwise fire escapes are the only outdoor space.
Units range from one to three bedrooms, although two bedrooms are most common here. In 2024, a two-bedroom listed for $340,000, and a three-bedroom listed for $275,000. The price difference can be attributed to the amount of renovations, or lack thereof. A one-bedroom sold for $239,000 in 2024. Square footage starts at 600 square feet in one-bedrooms, 900 square feet in two-bedrooms and 1,000 square feet in three-bedrooms.
High common charges and waitlisted parking
Common charges are on the high side for a co-op with few amenities, averaging about $1,000 a month for a two-bedroom, but these fees include gas, sewage, electric, water, heat and real estate taxes. Both indoor and outdoor parking is available, albeit with a waitlist, for $100 a month for indoor parking and $75 for outdoor parking. Units lack washers/dryers so a common laundry room is on the first floor, and is well-maintained along with the rest of the building. There’s also a bike room and small gated concrete courtyard with benches. There’s a bit of landscaped greenery in front of the building, protected by a chain link to prevent people and pets from walking on it. Dogs aren’t allowed here, but cats are permitted. It’s also important to note that the building doesn’t allow subletting.
Residential area within walking distance of some businesses
The co-op is on a tree-lined block in residential Sheepshead Bay. But there are city conveniences, like an Aldi supermarket a block away on Nostrand Avenue, a busy corridor lined with chains and discount stores. The complex is equidistant between two playgrounds, one of which is adjacent to the large Frank J. Macchiarola Educational Complex, home to a number of high schools. Businesses for ordinary services, such as delis, nail salons, fast food and laundromats, also cluster along Avenue X.
Cars offer the most convenient option for navigating South Brooklyn
Buses run along Avenues X and Z and Nostrand Avenue, but the nearest stop for the Q train is about a 20-minute walk to Neck Avenue, and the elevated station isn’t accessible. Most people own cars around here, making street parking challenging at best. But drivers are close to the Belt Parkway, which is convenient for reaching Manhattan, Queens or JFK Airport. Cars are also helpful for accessing additional shopping areas and amenities in South Brooklyn.
Some increased protection for ground-lease tenants
While the original piece of legislation capping prices failed to pass, a separate bill passed in 2024, allowing co-ops with ground leases to either extend or renew their 100-year leases as long as the original contract allowed for that option. Although this doesn’t provide the full protection of the other proposed bill, it does offer some additional security for residents.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Bikeable
Bike Score®
64/ 100
Walker's Paradise
Walk Score®
91/ 100
Excellent Transit
Transit Score®
72/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Bill Brown Memorial Playground
6 min walk
Basketball
Picnic Area
Soccer
Sheepshead Playground
7 min walk
Basketball
Trails
Playground
Galapo playground
12 min walk
Trails
Playground
Waterpark
Lew Fidler Park
3 min drive
Bike Trails
Picnic Area
Trails
Homecrest Playground
3 min drive
Trails
Playground
Waterpark
Seba Playground
4 min drive
Baseball/Softball
Skateboard
Playground
Kelly Playground
5 min drive
Marine Park
5 min drive
Baseball/Softball
Basketball
Boating
Grady Playground
5 min drive
Baseball/Softball
Basketball
Playground
Schools
Source:
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